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ACTON CORPORATION ANNOUNCES RETIREMENT OF 6.75 PERCENT SUBORDINATED DEBENTURES AND REFINANCING OF CABLE TELEVISION OPERATIONS

 ACTON CORPORATION ANNOUNCES RETIREMENT OF 6.75 PERCENT SUBORDINATED
 DEBENTURES AND REFINANCING OF CABLE TELEVISION OPERATIONS
 RALEIGH, N.C., Jan. 9 /PRNewswire/ -- Acton Corporation (AMEX: ATN)- - $3.75 Cumulative Preferred Stock (ATNPR) -- today announced that it will retire 100 percent of its outstanding 6.75 percent Subordinated Debentures on Jan. 31, 1992. Holders of record on Jan. 16, 1992 will be entitled to receive the full payment of principal and accrued interest through Jan. 30, 1992. U.S. Trust Company of New York, as trustee for the 6.75 percent Subordinated Debentures, will be responsible for the retirement of the Debentures.
 The Company further announced the completion of a $30,000,000 refinancing of its cable television operations with Greyhound Financial Corporation. The new loan amortizes over a seven year period and bears interest at prime plus 2.25 percent. In addition to retiring existing financing secured by the cable operations, the Company received approximately $4,550,000 of proceeds from the refinancing.
 Acton Corporation is primarily engaged in specialized automobile insurance underwriting, manufacturing, real estate development and the operation of a cable television system.
 -0- 1/9/92
 /CONTACT: Glenn J. Kennedy, Chief Financial Officer, Acton Corporation, 919-781-5611/
 (ATN) CO: Acton Corporation ST: North Carolina IN: INS SU:


DF -- CH008 -- 8422 01/09/92 17:11 EST
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Publication:PR Newswire
Date:Jan 9, 1992
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